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Namibia Economy

Namibia Economy: A summary of information about Namibia Economy, from government research data as well as independent research and other sources.

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Namibia: Economy

Economy - overview
The economy is heavily dependent on the extraction
and processing of minerals for export. Mining accounts for 20% of GDP.
Namibia is the fourth-largest exporter of nonfuel minerals in Africa
and the world's fifth-largest producer of uranium. Rich alluvial
diamond deposits make Namibia a primary source for gem-quality
diamonds. Namibia also produces large quantities of lead, zinc, tin,
silver, and tungsten. Half of the population depends on agriculture
(largely subsistence agriculture) for its livelihood. Namibia must
import some of its food. Although per capita GDP is four times the per
capita GDP of Africa's poorer countries, the majority of Namibia's
people live in pronounced poverty because of large-scale unemployment,
the great inequality of income distribution, and the large amount of
wealth going to foreigners. The Namibian economy has close links to
South Africa. GDP growth should improve in 2000-01, because of gains
in the diamond and fish sectors. Agreement has been reached on the
privatization of several more enterprises in coming years, which
should stimulate long-run foreign investment.
GDP
purchasing power parity - $7.1 billion (1999 est.)
GDP - real growth rate
3% (1999 est.)
GDP - per capita
purchasing power parity - $4,300 (1999 est.)
GDP - composition by sector
agriculture: 12%
industry: 30%
services: 58% (1998 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
8.5% (1999)
Labor force
500,000
Labor force - by occupation
agriculture 47%, industry 25%, services
28% (1999 est.)
Unemployment rate
30% to 40%, including underemployment (1997 est.)
Budget
revenues: $883 million
expenditures: $950 million, including capital expenditures of $NA
(1998)
Industries
meat packing, fish processing, dairy products; mining
(diamond, lead, zinc, tin, silver, tungsten, uranium, copper)
Industrial production growth rate
10% (1994)
Electricity - production
1.198 billion kWh (1999)
Electricity - production by source
fossil fuel: 2%
hydro: 98%
nuclear: 0%
other: 0% (1999)
Electricity - consumption
1.81 billion kWh (1999)
Electricity - exports
56 million kWh (1999)
Electricity - imports
890 million kWh (1999)
note: imports electricity from South Africa
Agriculture - products
millet, sorghum, peanuts; livestock; fish
Exports
$1.4 billion (f.o.b., 1999 est.)
Exports - commodities
diamonds, copper, gold, zinc, lead, uranium;
cattle, processed fish, karakul skins
Exports - partners
UK 43%, South Africa 26%, Spain 14%, France 8%,
Japan (1998 est.)
Imports
$1.5 billion (f.o.b., 1999 est.)
Imports - commodities
foodstuffs; petroleum products and fuel,
machinery and equipment, chemicals
Imports - partners
South Africa 84%, Germany, US, Japan (1995 est.)
Debt - external
$159 million (1999 est.)
Economic aid - recipient
$127 million (1998)
Currency
1 Namibian dollar (N$) = 100 cents
Exchange rates
Namibian dollars (N$) per US$1 - 6.12439 (January
2000), 6.10948 (1999), 5.52828 (1998), 4.60796 (1997), 4.29935 (1996),
3.62709 (1995)
Fiscal year
1 April - 31 March
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